Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Aug. 8 (Xinhua) — Beijing authorities on Friday announced they would lift restrictions on the purchase of commercial housing outside the city's Fifth Ring Road, the latest move to boost the local property market.
According to a circular issued on Friday, starting from Saturday, August 9, all restrictions on the number of houses purchased outside the Beijing Fifth Ring Road by families with local residence permits, as well as families without local residence permits but with proof of continuous social security or personal income tax payments in Beijing for at least two years, will be lifted.
At the same time, as specified in the document published by the Beijing Public Housing Fund Management Center jointly with the Beijing Committee on Housing, Urban and Rural Development, the same restrictions on purchasing housing apply to unmarried adult citizens who purchase commercial housing in Beijing as to families with local registration.
According to the circular, homebuyers will receive enhanced support from the public housing fund.
Borrower applicants who do not own property in Beijing but have one repaid public housing fund loan nationwide will now be classified as first-time home buyers instead of the previous classification as subsequent home buyers.
In addition, the limit on loans from the public housing fund for the purchase of second homes will be raised from 600,000 yuan (about $84,055) to 1 million yuan. The minimum down payment on such loans will be lowered to 30 percent for the purchase of subsequent homes both inside and outside Beijing's Fifth Ring Road. –0–
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